General Mills Says Profit Will Fall Short
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General Mills Inc. said fiscal third-quarter and full-year profit will miss previous forecasts because U.S. sales slowed as it joined its sales forces with those of Pillsbury Co.
Earnings in the quarter ending this month will be 27 cents to 29 cents a share. Sales volume will be down about 3% to 4%, the company said.
General Mills had forecast in December that profit before one-time items would be 40 cents to 44 cents and that sales volume would rise by a low-single-digit percentage. Analysts expected earnings of 42 cents a share, according to Thomson Financial/First Call.
U.S. sales in December were disrupted as the Minneapolis-based company integrated sales forces with those of Pillsbury, which it bought from Diageo in October for $10.4billion. Sales improved in January and the company expects them to increase this month.
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